Pushpay exceeds quarterly merchant acquisition target by 31%

Full release: Pushpay_exceeds_merchant_acquisition_target_by_31.pdf

Pushpay exceeds quarterly merchant acquisition target by 31%

Auckland, New Zealand | Redmond, Washington, USA – 8 April 2015

Pushpay Holdings Limited (NZAX:PAY) (‘Pushpay’ or ‘the Company’) announces that it has increased its customer base from 602 merchants as at 31 December 2014 to 996 merchants as at 31 March 2015, exceeding its quarterly merchant acquisition target of 301 merchants by 31%.

Chris Heaslip, Pushpay’s Chief Executive Officer said, “I am pleased to announce that Pushpay continues to deliver on its USA growth plan, having exceeded our 31 March 2015 target. The Company now expects its customer base to grow by over 100% to more than 2,000 merchants in the six months to 30 September 2015.

“Pushpay has ended the financial year on a high note with our best recorded quarter across all key operational metrics. Our results demonstrate a strong product/market fit and the continued execution of our growth strategy. Pushpay commences its 2016 financial year in a strong position as it prepares for further focused growth and looks to reach its targets based on further development of its direct sales, referrals strategy and through existing relationships with Pushpay’s strategic channel partners and other distribution partners. The company will continue to primarily focus on the faith sector in the USA, which consists of over 314,000 churches with an average size of over 500 attendees.”

Highlights for the quarter ended 31 March 2015

• Pushpay’s customer base increased to 996 merchants and Pushpay expects its customer base to grow by over 100% to over 2,000 merchants in the six months to 30 September 2015.

• Annualised Monthly Payment Transaction Volume now exceeds $200 million.

• ARPM increased to $491 per month and Pushpay expects ARPM to increase to over $550 per month over the medium term.

• Months to Recover CAC remained at less than 12 months and is expected to remain at this level as the business scales.

• Pushpay’s Retention (excluding upsells into the existing merchant base) continued to exceed 95%, which the Company believes places it among the best-in-class for SaaS companies. Pushpay expects Retention to remain at this level as the business scales.

• Merchant Annualised Committed Monthly Revenue (ACMR)ii increased to $5.33 million and Client ACMR (Run The Red) increased to $3.82 million.

Highlights for the year ended 31 March 2015

• Pushpay’s customer base increased to 996 merchants up 530.4% from 158 merchants as at 31 March 2014.

• Annualised Monthly Payment Transaction Volume increased to over $200 million.

• Pushpay achieved its announced targets to both 31 December 2014 and 31 March 2015.

• Technology stack and product offering were enhanced with the purchase of the business and assets of Run The Red.

• Strategic channel partnership established with Renewed Vision.

• Run The Red secured an agreement with New Zealand Post Group to provide services to a number of businesses including Kiwibank, New Zealand Post and Express Couriers.

• The Pushpay Board was further strengthened with Graham Shaw joining as an Independent Director and Peter Huljich joining as an Alternate Non-Executive Director for Christopher Huljich.

• Pushpay continued to invest in its payment platform to ensure further product innovation. Version 3.7 of the Pushpay app, with its introduction of Touch ID payments on iOS and credit or debit card details scanning, is testament to Pushpay’s commitment to innovation.

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